AFC Energy Plc Mace Dragados to lease AFC Power Tower for UK site (9210R)

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RNS Number : 9210R

AFC Energy Plc

11 July 2022

THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER ARTICLE 7 OF THE EU REGULATION 596/2014 AS IT FORMS PART OF THE UK LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("MAR"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.

11 July 2022

AFC Energy PLC

("AFC Energy" or the "Company")

Mace Dragados Set to Adopt Hydrogen Fueled Power Tower on UK Construction Site

AFC Energy (AIM: AFC), a leading provider of hydrogen power generation technologies, is pleased to announce an agreement has been reached for the deployment of a further Power Tower fuel cell generator system in support of the decarbonisation of a London based construction site.

The Power Tower hydrogen power generator will be leased to the Mace Dragados Joint Venture ("Mace Dragados") for deployment at a high-profile UK infrastructure project during the second half of 2022. The project client will provide full details of the deployment in due course.

This agreement is the basis for a longer-term collaboration to support Mace Dragados' sustainability aspirations through adoption of zero emission energy where grid supply is constrained.

AFC Energy's series of lease agreements with UK and international construction companies validates the role hydrogen is set to play in the decarbonisation of industry and is the first phase towards establishing more traditional models of selling units to plant hire companies and creating a critical mass of large-scale fuel cell system deployment.

Adam Bond, Chief Executive Officer at AFC Energy, said:

"Our new Power Towers represent a significant step forward in hydrogen fuel cell technology. We are now working with a number of UK and European construction companies and are accelerating progress towards establishing a critical mass of large-scale deployment across these regions to enable the construction sector and other temporary power operators to transition away from highly pollutant diesel generators."

For further information, please contact:

 
 AFC Energy plc                                   [phone] 
  Adam Bond (Chief Executive Officer)              [e-mail] 
  Ben Bradshaw (Head of Marketing) 
 
   Peel Hunt LLP - Nominated Adviser and Joint 
   Broker 
   Richard Crichton / Tom Ballard / Alexander 
   Allen                                          [phone] 
 M C Peat & Co LLP - Joint Broker 
  Charlie Peat                                    [phone] 
 
   Zeus Capital Limited - Joint Broker 
   Daniel Harris / James Hornigold (Investment 
   Banking) 
   Dominic King (Corporate Broking) / Rupert 
   Woolfenden (Sales)                               [phone] 
                                                  [phone] 
   FTI Consulting - Financial PR Advisors          [e-mail] 
   Ben Brewerton / Nick Hennis / Dhruv Soni 
 

About AFC Energy

AFC Energy plc is commercialising scalable "fuel flexible" fuel cell systems, to provide clean electricity for on and off grid applications. The technology, pioneered over the past twelve years in the UK, is now deployable in electric vehicle chargers, off-grid decentralised power systems and data centre applications with emerging opportunities across maritime and rail as part of a portfolio approach to the decarbonisation of local electricity needs.

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July 11, 2022 02:00 ET (06:00 GMT)